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General Dynamics Reports Fourth-Quarter and Full-Year 2020 Financial Results

·8 min read

- Strong fourth quarter performance in COVID environment

- $3.9 billion net cash provided by operating activities for the year, 122% of net earnings

- Record-high backlog of $89.5 billion

RESTON, Va. , Jan. 27, 2021 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion , or $3.49 per diluted share, on $10.5 billion in revenue. For the full year, net earnings were $3.2 billion , or $11.00 per diluted share, on revenue of $37.9 billion .

On a sequential basis, both net earnings and earnings per share (EPS) were up 20% from the previous quarter. Operating margin was 12.3% in the quarter, up 90 basis points sequentially and up 20 basis points from the year-ago quarter. Backlog grew 9.8% in the quarter to a record-high $89.5 billion .

"Our continued focus on operating performance and on protecting the health and safety of our employees contributed to strong sequential improvements in earnings, margin and cash flow," said Phebe N. Novakovic , chairman and chief executive officer. "Our defense segments continued to capture significant awards, leading to a record-high backlog, while our aerospace segment not only remained very profitable, but actually improved its margins throughout the year, even as the broader business aviation industry contracted severely due to the pandemic."

Margin
Company-wide operating margin was 12.3%, up 90 basis points from the prior quarter. Aerospace margin was 16.5%, up 220 basis points from the prior quarter.

Cash
Net cash provided by operating activities in the quarter totaled $2.6 billion , or 256% of net earnings. For the year, net cash provided by operating activities totaled $3.9 billion , or 122% of net earnings. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $2.2 billion for the quarter, a 221% conversion of net earnings, and $2.9 billion for the year, a 91% conversion of net earnings. During the quarter, the company reduced its net debt by $1.7 billion , invested $345 million in capital expenditures, paid $315 million in dividends, and repurchased $100.7 million in shares at an average price of $143.80 , ending 2020 with $2.8 billion in cash and equivalents on hand.

Backlog
Orders remained strong across the company with a consolidated book-to-bill of 1.8-to-1 for the quarter and 1.1-to-1 for the year. In addition to backlog of $89.5 billion , management's estimate of additional value in unfunded indefinite delivery/indefinite quantity (IDIQ) contracts and unexercised options was $45.2 billion at year-end. Total estimated contract value, representing the sum of all backlog components was $134.7 billion , up 6.7% for the year.

Significant awards in the fourth quarter included a $9.5 billion option exercise from the U.S. Navy for construction and test of the first two Columbia-class submarines; $4.4 billion maximum potential value contract from the U.S. Department of Defense to provide cloud solutions for Office 365 deployment and migration; a $3.3 billion maximum potential value contract from the U.S. State Department to provide business process support services; a $695 million contract from the U.S. Army to provide information technology and professional services; $620 million for several key contracts for classified customers; a $405 million initial task order on a $4.3 billion maximum potential value contract to upgrade Abrams tanks for the Army; a $230 million initial task order on an Army contract with a maximum potential contract value of $1.2 billion to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles; $375 million from the Navy to provide lead yard services for the Virginia-class submarine program; and $265 million from the Navy for maintenance and repair services for three ship classes.

About General Dynamics
Headquartered in Reston, Virginia , General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $37.9 billion in revenue in 2020. More information is available at www.gd.com .

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2020 financial results conference call at 9 a.m. EST on Wednesday, January 27, 2021 . The webcast will be a listen-only audio event available at www.gd.com . An on-demand replay of the webcast will be available one hour after the end of the call and end on February 3, 2021 . To hear a recording of the conference call by telephone, please call 877-344-7529 (international: 412-317-0088); passcode 10151195. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at www.gd.com . General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2021 guidance presented during the call.

 

EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS



Three Months Ended December 31


Variance


2020


2019*


$


%

Revenue

$

10,481



$

10,773



$

(292)



(2.7)

%

Operating costs and expenses

(9,188)



(9,465)



277




Operating earnings

1,293



1,308



(15)



(1.1)

%

Other, net

12



16



(4)




Interest, net

(120)



(110)



(10)




Earnings before income tax

1,185



1,214



(29)



(2.4)

%

Provision for income tax, net

(183)



(194)



11




Net earnings

$

1,002



$

1,020



$

(18)



(1.8)

%

Earnings per sharebasic

$

3.50



$

3.53



$

(0.03)



(0.8)

%

Basic weighted average shares outstanding

286.3



288.8






Earnings per sharediluted

$

3.49



$

3.51



$

(0.02)



(0.6)

%

Diluted weighted average shares outstanding

287.1



290.9








*

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.

 

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS



Year Ended December 31


Variance


2020


2019*


$


%

Revenue

$

37,925



$

39,350



$

(1,425)



(3.6)

%

Operating costs and expenses

(33,792)



(34,780)



988




Operating earnings

4,133



4,570



(437)



(9.6)

%

Other, net

82



92



(10)




Interest, net

(477)



(460)



(17)




Earnings before income tax

3,738



4,202



(464)



(11.0)

%

Provision for income tax, net

(571)



(718)



147




Net earnings

$

3,167



$

3,484



$

(317)



(9.1)

%

Earnings per sharebasic

$

11.04



$

12.09



$

(1.05)



(8.7)

%

Basic weighted average shares outstanding

286.9



288.3






Earnings per sharediluted

$

11.00



$

11.98



$

(0.98)



(8.2)

%

Diluted weighted average shares outstanding

287.9



290.8








*

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.

 

EXHIBIT C

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS



Three Months Ended December 31


Variance


2020


2019 (a)


$


%

Revenue:








Aerospace

$

2,435



$

2,930



$

(495)



(16.9)

%

Marine Systems

2,857



2,565



292



11.4

%

Combat Systems

1,960



1,972



(12)



(0.6)

%

Technologies (b)

3,229



3,306



(77)



(2.3)

%

Total

$

10,481



$

10,773



$

(292)



(2.7)

%

Operating earnings:








Aerospace

$

401



$

480



$

(79)



(16.5)

%

Marine Systems

247



199



48



24.1

%

Combat Systems

309



284



25



8.8

%

Technologies (b)

352



360



(8)



(2.2)

%

Corporate

(16)



(15)



(1)



(6.7)

%

Total

$

1,293



$

1,308



$

(15)



(1.1)

%

Operating margin:








Aerospace

16.5

%


16.4

%





Marine Systems

8.6

%


7.8

%





Combat Systems

15.8

%


14.4

%





Technologies (b)

10.9

%


10.9

%





Total

12.3

%


12.1

%







(a)

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.



(b)

Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit Technologies to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software.

 

...

EXHIBIT D

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS



Year Ended December 31


Variance


2020


2019 (a)


$


%

Revenue:








Aerospace

$

8,075



$

9,801



$

(1,726)



(17.6)

%

Marine Systems

9,979



9,183



796



8.7

%

Combat Systems

7,223



7,007



216



3.1

%

Technologies (b)

12,648



13,359



(711)



(5.3)

%

Total

$

37,925



$

39,350



$

(1,425)



(3.6)

%

Operating earnings:








Aerospace

$

1,083



$

1,532



$

(449)



(29.3)

%

Marine Systems

854



785



69



8.8

%

Combat Systems

1,041



996



45



4.5

%

Technologies (b)

1,211



1,311



(100)



(7.6)

%

Corporate

(56)



(54)



(2)



(3.7)

%

Total

$

4,133



$

4,570



$

(437)



(9.6)

%

Operating margin:








Aerospace

13.4

%


15.6

%





Marine Systems

8.6

%


8.5

%





Combat Systems

14.4

%


14.2

%





Technologies (b)

9.6

%


9.8

%





Total

10.9

%


11.6

%







(a)

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.



(b)

Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit — Technologies — to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software.

EXHIBIT E

REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS



Three Months Ended


Variance


December 31, 2020


September 27, 2020 (a)


$


%

Revenue:








Aerospace

$

2,435



$

1,975



$

460



23.3

%

Marine Systems

2,857



2,405



452



18.8

%

Combat Systems

1,960



1,801



159



8.8

%

Technologies (b)

3,229



3,250



(21)



(0.6)

%

Total

$

10,481



$

9,431



$

1,050



11.1

%

Operating earnings:








Aerospace

$

401



$

283



$

118



41.7

%

Marine Systems

247



223



24



10.8

%

Combat Systems

309



270



39



14.4

%

Technologies (b)

352



314



38



12.1

%

Corporate

(16)



(18)



2



11.1

%

Total

$

1,293



$

1,072



$

221



20.6

%

Operating margin:








Aerospace

16.5

%


14.3

%





Marine Systems

8.6

%


9.3

%





Combat Systems

15.8

%


15.0

%





Technologies (b)

10.9

%


9.7

%





Total

12.3

%


11.4

%







(a)

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.



(b)

Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit — Technologies — to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software.

EXHIBIT F

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS



(Unaudited)




December 31, 2020


December 31, 2019*

ASSETS




Current assets:




Cash and equivalents

$

2,824



$

902


Accounts receivable

3,161



3,544


Unbilled receivables

8,024



7,857


Inventories

5,745



6,306


Other current assets

1,789



1,679


Total current assets

21,543



20,288


Noncurrent assets:




Property, plant and equipment, net

5,100



4,475


Intangible assets, net

2,117



2,315


Goodwill

20,053



19,677


Other assets

2,495



2,594


Total noncurrent assets

29,765



29,061


Total assets

$

51,308



$

49,349


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Short-term debt and current portion of long-term debt

$

3,003



$

2,920


Accounts payable

2,952



3,162


Customer advances and deposits

6,276



7,148


Other current liabilities

3,733



3,571


Total current liabilities

15,964



16,801


Noncurrent liabilities:




Long-term debt

9,995



9,010


Other liabilities

9,688



9,560


Total noncurrent liabilities

19,683



18,570


Shareholders' equity:




Common stock

482



482


Surplus

3,124



3,039


Retained earnings

33,498



31,633


Treasury stock

(17,893)



(17,358)


Accumulated other comprehensive loss

(3,550)



(3,818)


Total shareholders' equity

15,661



13,978


Total liabilities and shareholders' equity

$

51,308



$

49,349




*

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.

EXHIBIT G

CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)

DOLLARS IN MILLIONS



Year Ended December 31


2020


2019

Cash flows from operating activities—continuing operations:




Net earnings

$

3,167



$

3,484


Adjustments to reconcile net earnings to net cash from operating activities:




Depreciation of property, plant and equipment

523



466


Amortization of intangible and finance lease right-of-use assets

355



363


Equity-based compensation expense

128



133


Deferred income tax (benefit) provision

(127)



92


(Increase) decrease in assets, net of effects of business acquisitions:




Accounts receivable

371



176


Unbilled receivables

(116)



(1,303)


Inventories

502



(376)


Increase (decrease) in liabilities, net of effects of business acquisitions:




Accounts payable

(215)



6


Customer advances and deposits

(707)



(105)


Other, net

(23)



45


Net cash provided by operating activities

3,858



2,981


Cash flows from investing activities:




Capital expenditures

(967)



(987)


Other, net

(7)



(7)


Net cash used by investing activities

(974)



(994)


Cash flows from financing activities:




Proceeds from fixed-rate notes

3,960




Repayment of fixed-rate notes

(2,000)




Dividends paid

(1,240)



(1,152)


Purchases of common stock

(587)



(231)


Repayment of floating-rate notes

(500)




(Repayment of) proceeds from credit facility, net

(441)



291


Proceeds from commercial paper, gross (maturities greater than 3 months)

420




Repayment of commercial paper, gross (maturities greater than 3 months)

(420)




Repayment of commercial paper, net



(850)


Other, net

(95)



(55)


Net cash used by financing activities

(903)



(1,997)


Net cash used by discontinued operations

(59)



(51)


Net increase (decrease) in cash and equivalents

1,922



(61)


Cash and equivalents at beginning of year

902



963


Cash and equivalents at end of year

$

2,824



$

902


EXHIBIT H

ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS


Other Financial Information:









December 31, 2020


December 31, 2019*





Debt-to-equity (a)

83.0

%


85.3

%





Debt-to-capital (b)

45.4

%


46.0

%





Book value per share (c)

$

54.67



$

48.26






Shares outstanding

286,477,836



289,610,336















Fourth Quarter


Twelve Months


2020


2019


2020


2019*

Income tax payments, net

$

419



$

85



$

764



$

572


Company-sponsored research and development (d)

$

83



$

114



$

374



$

466


Return on sales (e)

9.6

%


9.5

%


8.4

%


8.9

%

Return on equity (f)





22.0

%


26.4

%









Non-GAAP Financial Measures:









Fourth Quarter


Twelve Months


2020


2019


2020


2019

Earnings before interest, taxes, depreciation and amortization:








Net earnings

$

1,002



$

1,020



$

3,167



$

3,484


Interest, net

120



110



477



460


Provision for income tax, net

183



194



571



718


Depreciation of property, plant and equipment

147



114



523



466


Amortization of intangible and finance lease right-of-use assets

88



90



355



363


Earnings before interest, taxes, depreciation and amortization (g)

$

1,540



$

1,528



$

5,093



$

5,491










Free cash flow from operations:








Net cash provided by operating activities

$

2,562



$

2,394



$

3,858



$

2,981


Capital expenditures

(345)



(381)



(967)



(987)


Free cash flow from operations (h)

$

2,217



$

2,013



$

2,891



$

1,994










Return on invested capital:








Net earnings





$

3,167



$

3,484


After-tax interest expense





386



373


After-tax amortization expense





280



287


Net operating profit after taxes





3,833



4,144


Average invested capital





32,431



29,620


Return on invested capital (i)





11.8

%


14.0

%


Notes describing the calculation of the other financial information and a reconciliation of non-GAAP financial measures are on the following page.



*

Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020.

EXHIBIT H (Cont.)

ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS



(a)

Debt-to-equity ratio is calculated as total debt divided by total equity as of year end.



(b)

Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of year end.



(c)

Book value per share is calculated as total equity divided by total outstanding shares as of year end.



(d)

Includes independent research and development and Aerospace product-development costs.



(e)

Return on sales is calculated as net earnings divided by revenue.



(f)

Return on equity is calculated by dividing net earnings by our average equity during the year.



(g)

We believe earnings before interest, taxes, depreciation and amortization (EBITDA) is a useful measure for investors because it provides another measure of our profitability and our ability to service our debt. We calculate EBITDA by adding back interest, taxes, depreciation and amortization to net earnings. The most directly comparable GAAP measure to EBITDA is net earnings.



(h)

We believe free cash flow from operations is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying maturing debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a key performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities.



(i)

We believe return on invested capital (ROIC) is a useful measure for investors because it reflects our ability to generate returns from the capital we have deployed in our operations. We use ROIC to evaluate investment decisions and as a performance measure in evaluating management. We define ROIC as net operating profit after taxes divided by average invested capital. Net operating profit after taxes is defined as net earnings plus after-tax interest and amortization expense, calculated using the statutory federal income tax rate. Average invested capital is defined as the sum of the average debt and shareholders' equity excluding accumulated other comprehensive loss. ROIC excludes goodwill impairments and non-economic accounting changes as they are not reflective of company performance. The most directly comparable GAAP measure to net operating profit after taxes is net earnings.

EXHIBIT I

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS




Funded


Unfunded


Total
Backlog


Estimated

Potential

Contract Value (a)


Total
Estimated
Contract Value

Fourth Quarter 2020:











Aerospace


$

11,308



$

318



$

11,626



$

2,800



$

14,426


Marine Systems


23,646



26,336



49,982



4,876



54,858


Combat Systems


14,341



226



14,567



9,774



24,341


Technologies


9,488



3,826



13,314



27,727



41,041


Total


$

58,783



$

30,706



$

89,489



$

45,177



$

134,666


Third Quarter 2020:











Aerospace


$

11,640



$

324



$

11,964



$

2,888



$

14,852


Marine Systems


23,958



17,124



41,082



14,666



55,748


Combat Systems


14,511



200



14,711



6,593



21,304


Technologies (b)


10,112



3,651



13,763



26,242



40,005


Total


$

60,221



$

21,299



$

81,520



$

50,389



$

131,909


Fourth Quarter 2019:











Aerospace


$

13,168



$

181



$

13,349



$

2,989



$

16,338


Marine Systems


20,012



24,175



44,187



5,453



49,640


Combat Systems


14,474



439



14,913



4,322



19,235


Technologies (b)


9,876



4,620



14,496



26,485



40,981


Total


$

57,530



$

29,415



$

86,945



$

39,249



$

126,194




(a)

The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.



(b)

Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit — Technologies — to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software.

EXHIBIT I-1

BACKLOG - (UNAUDITED)

DOLLARS IN MILLIONS

https://media.zenfs.com/en/prnewswire.com/4cc42eccf544d91939ca4cc831cfdbbc

EXHIBIT I-2

BACKLOG BY SEGMENT - (UNAUDITED)

DOLLARS IN MILLIONS

https://media.zenfs.com/en/prnewswire.com/08280669e361a6860ff3c4e289b495c4

https://media.zenfs.com/en/prnewswire.com/f3af804dab639b246fa6ee06bff5ecb8

https://media.zenfs.com/en/prnewswire.com/f199c567ea9e4aed5a6a0864591fe8b3

https://media.zenfs.com/en/prnewswire.com/a9df538cc41cc648df681461eff3416b

https://media.zenfs.com/en/prnewswire.com/96762315d1eb195fe419f9df38d66320

EXHIBIT J

FOURTH QUARTER 2020 SIGNIFICANT ORDERS - (UNAUDITED)

DOLLARS IN MILLIONS

We received the following significant contract awards during the fourth quarter of 2020:

Marine Systems:

  • $9.5 billion from the U.S. Navy for construction of the first two Columbia-class submarines, as well as associated design and engineering support.

  • $375 from the Navy to provide lead yard services for the Virginia-class submarine program.

  • $265 from the Navy to provide maintenance and repair services for the San Antonio-class amphibious transport dock, Whidbey Island-class dock landing ship and Ticonderoga-class guided-missile cruiser programs.

  • $215 from the Navy to provide engineering, technical, design and planning yard support services for operational strategic and attack submarines.

  • $95 from the Navy to provide ongoing planning yard services for the Arleigh Burke-class (DDG-51) guided-missile destroyer program.

  • $60 from the Navy to produce a large vertical array fixture for Navy submarine acoustic detection efforts.

Combat Systems:

  • $405 from the U.S. Army to upgrade Abrams tanks to the M1A2 System Enhancement Package Version 3 (SEPv3) configuration. The contract has a maximum potential value of $4.3 billion.

  • $230 from the Army to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles. The contract has a maximum potential value of $1.2 billion.

  • A contract from the Army to provide maintenance, training and support services for the Stryker fleet. The contract has a maximum potential value of $430.

  • $215 from the Canadian government for various munitions and ordnance.

  • $175 from the Army for various munitions and ordnance.

  • $80 for the production of Pandur 6x6 wheeled combat vehicles for the Austrian Federal Ministry of Defence.

  • $55 to produce ASCOD tracked combat vehicles for an international customer.

Technologies:

  • The Defense Enterprise Office Solutions (DEOS) contract from the General Services Administration in partnership with the Department of Defense (DoD) and Defense Information Systems Agency (DISA) to stand up cloud environments and support the migration of over 3.2 million existing DoD Office 365 users to the cloud. The contract has a maximum potential value of $4.4 billion.

  • An IDIQ award from the U.S. Department of State to provide overseas consular services to support visa processing and other functions for U.S. embassies and consultants under the Global Support Strategy (GSS) program. The program has a maximum potential contract value of $3.3 billion among three awardees.

  • A contract to provide enterprise information technology, communications and mission command support services to U.S. Army Europe. The contract has a maximum potential value of $695.

  • $620 for several key contracts for classified customers.

  • $110 to develop and deliver a digital engineering environment for the U.S. Air Force.

  • $105 from the National Geospatial-Intelligence Agency (NGA) for network storage and data center services.

  • $90 from the Navy to provide sustainment services for the Navy's next-generation Mobile User Objective System (MUOS) satellite communications system.


EXHIBIT K

AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)




Fourth Quarter


Twelve Months



2020


2019


2020


2019

Gulfstream Aircraft Deliveries (units):









Large-cabin aircraft


34



35



105



114


Mid-cabin aircraft


6



9



22



33


Total


40



44



127



147











Aerospace Book-to-Bill:









Orders*


$

2,347



$

4,652



$

7,091



$

11,674


Revenue (excluding pre-owned aircraft sales)


2,435



2,774



8,075



9,509


Book-to-Bill Ratio


0.96x



1.68x



0.88x



1.23x




*

Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

General Dynamics (PRNewsFoto/General Dynamics) (PRNewsFoto/General Dynamics)
General Dynamics (PRNewsFoto/General Dynamics) (PRNewsFoto/General Dynamics)
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SOURCE General Dynamics